Comes with appliances and some furniture. within a mile of my campus (walking distance) The listing price was $29,900.

Ultimately, I'm not too concerned with short term price fluctuations - it's about having the liquidity to survive a 3-5 year recession and the associated declines in rents.

Well, I need $25k to get the job done, which means I'm $3,000 short.

I assuming you’re using a PM that collects that short rental tax?

If it were a short term deal as an investor I would expect a higher rate but 7% seems pretty fair for a long term deal. 

Agreed, in the short term it will hurt the market, but it will also filter out those that want to make a quick buck and think it takes 1 week to flip.It’s like a lot of industries.

The 3 we've short-listed are located in Killeen, Temple, and Elgin.

If you bought a property with the intention of renting it, then got an offer you couldn't refuse and sold it within a year it would be taxed as short term capital gains. 

Yes, I was thinking of this too as tonight my husband and I agreed that the property we‘ve been trying to get a renovatIon loan isn’t going to work out, and after having her be our long distance realtor (and setting up appraisal inspection and contractor bid appts with the seller’s agent and their tenants) I feel she’s lost interest working with ALL investors despIte the fact that Ive been giving her referrals.

I manage long distance, have contractors on speed dial, and several college friends I can call to run over to the house if needed for 50 bucks a trip.